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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.6x - 21.7x | 20.6x |
| Selected Fwd EBIT Multiple | 12.8x - 14.2x | 13.5x |
| Fair Value | €30.79 - €34.26 | €32.53 |
| Upside | 4.0% - 15.8% | 9.9% |
| Benchmarks | Ticker | Full Ticker |
| Mammoth Energy Services, Inc. | TUSK | NasdaqGS:TUSK |
| ProPetro Holding Corp. | PUMP | NYSE:PUMP |
| Nine Energy Service, Inc. | NINE | NYSE:NINE |
| Forum Energy Technologies, Inc. | FET | NYSE:FET |
| Oil States International, Inc. | OIS | NYSE:OIS |
| NCS Multistage Holdings, Inc. | MUH0 | DB:MUH0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TUSK | PUMP | NINE | FET | OIS | MUH0 | ||
| NasdaqGS:TUSK | NYSE:PUMP | NYSE:NINE | NYSE:FET | NYSE:OIS | DB:MUH0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -30.8% | -11.0% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -108.1% | -72.8% | -49.2% | 50.3% | -65.3% | 219.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -29.3% | 5.9% | -6.8% | -7.9% | -4.2% | -4.4% | |
| Prior Fiscal Year | -6.8% | 12.8% | 3.0% | 3.2% | 2.8% | -2.5% | |
| Latest Fiscal Year | -23.2% | 3.9% | 1.7% | 4.4% | 1.1% | 2.7% | |
| Latest Twelve Months | -23.2% | 3.9% | 1.7% | 4.4% | 1.1% | 2.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.32x | 0.62x | 0.68x | 0.59x | 0.59x | 0.60x | |
| EV / LTM EBITDA | -3.3x | 3.3x | 8.2x | 5.4x | 6.5x | 10.2x | |
| EV / LTM EBIT | -1.4x | 15.8x | 40.8x | 13.6x | 54.3x | 22.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.4x | 15.8x | 54.3x | ||||
| Historical EV / LTM EBIT | -29.7x | -18.4x | 22.6x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.6x | 21.7x | ||||
| (x) LTM EBIT | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 85 | 89 | 94 | ||||
| (-) Non-shareholder Claims * | (6) | (6) | (6) | ||||
| (=) Equity Value | 79 | 83 | 88 | ||||
| (/) Shares Outstanding | 2.5 | 2.5 | 2.5 | ||||
| Implied Value Range | 31.02 | 32.78 | 34.53 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.73 | 30.36 | 31.99 | 29.60 | |||
| Upside / (Downside) | -2.9% | 2.6% | 8.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TUSK | PUMP | NINE | FET | OIS | MUH0 | |
| Enterprise Value | 60 | 895 | 379 | 484 | 406 | 87 | |
| (+) Cash & Short Term Investments | 61 | 58 | 28 | 45 | 65 | 26 | |
| (+) Investments & Other | 4 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (26) | (175) | (359) | (273) | (151) | (15) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (17) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 99 | 778 | 48 | 256 | 321 | 81 | |
| (/) Shares Outstanding | 48.1 | 103.2 | 42.3 | 12.3 | 61.8 | 2.5 | |
| Implied Stock Price | 2.05 | 7.54 | 1.14 | 20.73 | 5.20 | 31.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 2.05 | 7.54 | 1.14 | 20.73 | 5.20 | 29.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |